Quick answer
On July 30, 2025, the Bank of Canada held its policy (overnight) rate at 2.75%. Inflation (CPI) was running at 1.7% (core 3%) and unemployment was 6.9% at the time.
Josh explains why the Bank stayed neutral: it was waiting for clearer signals before moving again, with plenty of uncertainty in the data.
The rate path (2023–2025)
The Bank of Canada policy rate over the 2½ years around this decision. It sat at 2.75% here.
Inflation vs the 2% target
Total CPI and the Bank's core measure against its 2% target — the “why” behind the decision. Inflation was 1.7% at the time.
Heads up: this covers the decision on July 30, 2025. Rates move constantly — for the rate and options that apply to you today, book a call.
Frequently asked
Did the Bank of Canada cut interest rates on July 30, 2025?
No — on July 30, 2025 the Bank of Canada held its policy (overnight) rate at 2.75%.
What was the Bank of Canada's policy rate in July 2025?
2.75% — the target for the overnight rate, with inflation (CPI) around 1.7%.
What does a rate hold mean for my mortgage?
If you're in a variable-rate mortgage, a cut lowers your rate (and payment or the interest portion) right away, while a hold leaves it unchanged. If you're on a fixed rate, it matters most at renewal. For what it means for your specific situation, book a call with Josh.